Buyers find value, amenity in Geelong suburbs with the best price growth in 2019
Homebuyers are finding new ways to enjoy suburbs close to town, delivering these spots Geelong’s top price growth in 2019.
Different generations of homebuyers have discovered the benefits of suburbs close to the city that have marked 2019 with Geelong’s strongest annual price growth.
Bell Park’s median house price climbed more than $50,000 in 2019, as realestate.com.au Hometrack data shows an 11.6 per cent jump over 12 months for the inner west suburb.
Harcourts, North Geelong agent Joe Grgic said many buyers have discovered the value for money and amenity benefits of the suburb that’s about 10 minutes from the waterfront.
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“People have started to catch on with the value in the suburb,” Mr Grgic said.
“Not the price, but what you get for your dollar in this location, with some great schools very close by, a community feeling with some popular shopping strips,” he said.
TOP 5 SUBURBS FOR GROWTH IN HOUSE AND UNIT PRICES
| Suburb (houses) | Median house price | 12 month growth | Suburb (units) | Median unit price | 12 month growth |
| Bell Park | $490,000 | 11.6% | Newtown | $472,500 | 11.7% |
| Waurn Ponds | $650,000 | 6.9% | Grovedale | $385,000 | 6.3% |
| South Geelong | $706,250 | 3.9% | Corio | $305,000 | 4.5% |
| Armstrong Creek | $545,000 | 3.8% | Norlane | $290,000 | 3.6% |
| Leopold | $505,000 | 2% | Geelong | $533,750 | 2.2% |
Source: Hometrack. Figures for 12 months to December, 2019
Nearly 100 residential properties have sold in 2019, including 65 houses, representing a 5 per cent turnover.
Mr Grgic said Bell Park doesn’t have the highest turnover, with the predominantly grey market tending to hold on to their properties.
“People are starting to see and realise Prestige Park estate, just how good that estate is, and how house proud the neighbours are,” he said.
But there were other factors in a suburb like Bell Park, including the two local shopping centres.
Mr Grgic is a prominent auctioneer who always mentions closing time at Siketa Meats, a destination butcher shop at the Hughes St shopping strip.
While the growth of clothing retailer Cotton On’s head office in North Geelong has widened the choice of top coffee shops and eateries within Bell Park.
In Newtown, the emergence of new two-storey townhouses has helped lift the suburb’s median unit price more than 11 per cent in 2019.
Newtown’s median unit price climbed around $50,000 in 12 months to $472,500.
Whitford, Newtown agent Tony Young said active retirees were searching for small but luxurious homes close to Pakington St.
“It’s all about lifestyle. These people are not so much worried about the price, this is where I want to live for my lifestyle to gravitate out of these areas. To walk to Pako, to the footy.”
The epicentre is the Chilwell pocket between Pakington St and La Trobe Tce, Noble St and West Fyans St, he said.
Not only are some of the suburb’s most expensive townhouses traded here, developers are planning the next generation of residences.
Mr Young handled three sales of around $1 million in Marshall St and Clarendon St in 2019.
“Those had the huge advantages of walking distance of Chilwell end of Pako,” he said.
“The market there is absolutely red hot. Properties that we’ve sold went for well over $2000 per sqm for land.
“Anything in those areas is highly sought after and still affordable in comparison to the Newtown hill,” he said.
Mr Young said active retirees were driving the market, searching for residences to downsize in style.
“Interestingly enough, two had master bedrooms on the ground floor, which is important for downsizers — they all sold to people downsizing for larger properties.
Another pocket around Vista Rd was popular for buyers seeking a quieter neighbourhood.
Originally published as Buyers find value, amenity in Geelong suburbs with the best price growth in 2019